The health-tech startup will utilise the funds to expand its product line and invest in R&D.
BeatO, a New Delhi-based health-tech startup, has raised ` 11.75 crore in its Pre-Series A round of funding. Orios Venture Partners led the funding round with participation from existing investors – Blume Ventures, Leo Capital and Vishal Sampat, chief digital officer at Reliance Jio; he has been with BeatO since the startup’s initial days in the capacity of angel investor.
A diabetes management programme requires regular exercise, controlled diet, medicines and diagnostics and regular monitoring of blood sugar. BeatO helps a diabetic self-manage these activities by providing a full-stack of services and products on the web and app ecosystem.
The consumer starts to use BeatO by purchasing its smartphone-based glucometer that connects with the mobile app. Company officials claim the product and its concept is superior to normal glucometers in the market. The glucometer along with the app helps you keep a record of all your readings in an organised manner and connects you to doctors and diabetes educators instantly to get guidance in real-time in case readings go out of the desired range.
BeatO will utilise the funds to increase its user base and revenue, which have grown 10x over the last 12 months and expand the product line for its flagship glucometer and FMCG/retail categories. The team will also be investing in R&D, platform upgradation for auto-suggestions basis blood sugar readings and product development.
Speaking about the recent fund-raise, Gautam Chopra, co-founder, BeatO, stated, “We are on a mission to scale up a credible full stack tech-enabled ecosystem for those with diabetes and help them meet all of their specific needs to lead a healthy life. With increase in the disposable income in the Indian middle-class, we foresee an increase in the discretionary spends. For a diabetic, we expect this to be channelled into personal management solutions and more consumption of customised food and retail products.”